Footing The Tax Bill - Distribution of Income and Taxes, and Average Tax Rates in 2014

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Pam May, CPA, at UHY Advisors talks about how part of the dissension in this great country revolves around who is financing our government spending, coupled with the redistribution of wealth theory.

Sterling Heights, MI (PRWEB)August 11, 2014

Part of the dissension in this great country revolves around who is financing our government spending, coupled with the redistribution of wealth theory. In the year 2014, study after study has reported that the top 1% who earn approximately 15% of the income in this country pay almost 40% of all federal income taxes; those in the top 5% who earn approximately 27% of the income pay 64% of all of the federal income taxes; while those whose income is below $40,000 pay negative federal income tax. The Joint Committee of Taxation published Overview of the Federal Tax System as In Effect for 2014 and it projects that for 2014 higher-income households (approximately 20% of income tax filers) will pay practically all of the federal income tax. Those in the 100,000 or more of the income category will be paying nearly 95.2% of federal income taxes and 75.5% of overall federal taxes.

About UHY Advisors
UHY Advisors provides tax and consulting services to a variety of sectors. UHY LLP, a licensed CPA firm, provides audit and other attest services to public and private companies. UHY Advisors FLVS provides forensic, valuation, intellectual property, electronic discovery and international arbitration services to law firms and their clients. Many of these services grew from client business needs and their requests for assistance in a variety of areas of expertise.

UHY Advisors, operating in an alternative practice structure with UHY LLP, forms one of the largest professional services firms in the US. While that scale might provide confidence for some clients, others tell us our greatest value is the way we bring these resources to bear to help address today’s evolving business challenges. It’s a philosophy we call “The Next Level of Service”. To learn more visit http://www.uhy-us.com.

All of the above entities are members of UHY International, a global network of independent professional services firms that provide audit, tax and consulting services around the world. UHY International member firms comprise one of the top international accounting networks in the world. As a member firm, we provide our clients with resources in business centers strategically located around the globe. We are an active member in this organization with significant participation that brings the power of an international network to bear for our clients.

UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of “UHY Advisors.” UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY LLP and UHY Advisors, Inc. are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. “UHY” is the brand name for the UHY international network. Any services described herein are provided by UHY LLP and/or UHY Advisors (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.